Roderick Vanderbilt, the former chairman of Vinco Ventures, pleaded guilty to conspiracy to commit securities fraud, admitting to deceiving investors and inflating the company’s stock. Vinco, which attempted to create a rival to TikTok, faced significant challenges, leading to its stock collapse and eventual delisting from Nasdaq in 2023. Vanderbilt's relationship with Ted Farnsworth, previously tied to MoviePass fraud, contributed to the company's troubles. During his hearing, Vanderbilt acknowledged his complicity in the deceit and failure to disclose critical information regarding financial mismanagement and his hidden relationship with Farnsworth, signaling broader issues in corporate governance at Vinco.
I did everything Ted asked me to do and never questioned him. I concealed my relationship with Ted from the board and shareholders and allowed others to use my signature, not telling investors and the public that the company was failing even though I knew it was.
The rise and fall of Vinco Ventures closely resembled patterns from previous ventures run by Ted Farnsworth, suggesting systemic issues within companies connected to him.
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